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Side-by-side financial comparison of IHS Holding Ltd (IHS) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $254.0M, roughly 1.7× IHS Holding Ltd). On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (1.7% vs 0.1%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs -22.0%).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
IHS vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $425.9M |
| Net Profit | — | $152.0M |
| Gross Margin | 83.6% | — |
| Operating Margin | — | 81.5% |
| Net Margin | — | 35.7% |
| Revenue YoY | 0.1% | 1.7% |
| Net Profit YoY | — | — |
| EPS (diluted) | — | $1.59 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $425.9M | ||
| Q4 25 | $254.0M | $637.9M | ||
| Q3 25 | $455.1M | $443.1M | ||
| Q2 25 | $433.3M | $527.4M | ||
| Q1 25 | $439.6M | $734.8M | ||
| Q4 24 | $253.8M | $513.8M | ||
| Q3 24 | $420.3M | $310.0M | ||
| Q2 24 | $435.4M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | — | $181.6M | ||
| Q3 25 | $147.4M | $107.3M | ||
| Q2 25 | $32.3M | $149.8M | ||
| Q1 25 | $30.7M | $216.4M | ||
| Q4 24 | — | $45.0M | ||
| Q3 24 | $-205.7M | $-167.6M | ||
| Q2 24 | $-124.3M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 83.6% | 86.6% | ||
| Q3 25 | 47.5% | — | ||
| Q2 25 | 51.3% | 94.7% | ||
| Q1 25 | 51.4% | 81.6% | ||
| Q4 24 | 72.1% | 87.3% | ||
| Q3 24 | 52.0% | — | ||
| Q2 24 | 52.5% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | — | 43.3% | ||
| Q3 25 | 35.1% | 40.6% | ||
| Q2 25 | 33.8% | 43.7% | ||
| Q1 25 | 37.1% | 43.2% | ||
| Q4 24 | — | 16.8% | ||
| Q3 24 | 29.9% | -63.4% | ||
| Q2 24 | 34.0% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | — | 28.5% | ||
| Q3 25 | 32.4% | 24.2% | ||
| Q2 25 | 7.5% | 28.4% | ||
| Q1 25 | 7.0% | 29.4% | ||
| Q4 24 | — | 8.8% | ||
| Q3 24 | -48.9% | -54.1% | ||
| Q2 24 | -28.5% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | — | $1.98 | ||
| Q3 25 | $0.44 | $1.18 | ||
| Q2 25 | $0.10 | $1.64 | ||
| Q1 25 | $0.10 | $2.37 | ||
| Q4 24 | — | $0.49 | ||
| Q3 24 | $-0.61 | $-1.81 | ||
| Q2 24 | $-0.36 | $-0.59 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $825.7M | — |
| Total DebtLower is stronger | $3.1B | $300.0M |
| Stockholders' EquityBook value | $-89.8M | — |
| Total Assets | $4.5B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $825.7M | $271.4M | ||
| Q3 25 | $647.6M | $43.2M | ||
| Q2 25 | $531.8M | $39.3M | ||
| Q1 25 | $629.0M | $40.0M | ||
| Q4 24 | $578.0M | $48.7M | ||
| Q3 24 | $397.5M | $38.2M | ||
| Q2 24 | $445.7M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $3.1B | $2.7B | ||
| Q3 25 | $3.3B | $2.7B | ||
| Q2 25 | $3.2B | $2.7B | ||
| Q1 25 | $3.4B | $2.7B | ||
| Q4 24 | $3.3B | $2.7B | ||
| Q3 24 | $3.5B | $2.7B | ||
| Q2 24 | $3.6B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $-89.8M | $3.6B | ||
| Q3 25 | $38.1M | $3.1B | ||
| Q2 25 | $-98.4M | $3.0B | ||
| Q1 25 | $-184.4M | $2.8B | ||
| Q4 24 | $-314.4M | $-76.2M | ||
| Q3 24 | $-284.7M | $-15.5M | ||
| Q2 24 | $-308.3M | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $4.5B | $9.2B | ||
| Q3 25 | $4.7B | $8.7B | ||
| Q2 25 | $4.5B | $8.4B | ||
| Q1 25 | $4.4B | $8.5B | ||
| Q4 24 | $4.2B | $8.3B | ||
| Q3 24 | $4.6B | $8.3B | ||
| Q2 24 | $4.5B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | 85.85× | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $246.9M | $657.3M |
| Free Cash FlowOCF − Capex | $178.6M | — |
| FCF MarginFCF / Revenue | 70.3% | — |
| Capex IntensityCapex / Revenue | 26.9% | 117.0% |
| Cash ConversionOCF / Net Profit | — | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $246.9M | $274.9M | ||
| Q3 25 | $251.3M | $237.8M | ||
| Q2 25 | $237.7M | $388.4M | ||
| Q1 25 | $200.3M | $253.8M | ||
| Q4 24 | $344.4M | $220.1M | ||
| Q3 24 | $174.5M | $197.9M | ||
| Q2 24 | $134.7M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $178.6M | $-2.7M | ||
| Q3 25 | $189.2M | $-47.8M | ||
| Q2 25 | $197.7M | $195.3M | ||
| Q1 25 | $153.2M | $59.9M | ||
| Q4 24 | $282.9M | $-20.3M | ||
| Q3 24 | $122.3M | $-49.1M | ||
| Q2 24 | $74.2M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 70.3% | -0.4% | ||
| Q3 25 | 41.6% | -10.8% | ||
| Q2 25 | 45.6% | 37.0% | ||
| Q1 25 | 34.8% | 8.2% | ||
| Q4 24 | 111.5% | -4.0% | ||
| Q3 24 | 29.1% | -15.8% | ||
| Q2 24 | 17.0% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 26.9% | 43.5% | ||
| Q3 25 | 13.6% | 64.4% | ||
| Q2 25 | 9.2% | 36.6% | ||
| Q1 25 | 10.7% | 26.4% | ||
| Q4 24 | 24.2% | 46.8% | ||
| Q3 24 | 12.4% | 79.7% | ||
| Q2 24 | 13.9% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | — | 1.51× | ||
| Q3 25 | 1.70× | 2.21× | ||
| Q2 25 | 7.36× | 2.59× | ||
| Q1 25 | 6.52× | 1.17× | ||
| Q4 24 | — | 4.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IHS
Segment breakdown not available.
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
